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Have you ever taken out of an ATM and wondered later where it went? Start keeping a daily spending diary to keep track of where your money goes. Try it out for one week and you’ll be amazed at how much you can spend on the little things like coffee, eating out and entertainment. Here’s how to do it:

Take a blank piece of paper and create a column for each day of the week, Monday through Friday.

Put the piece of paper in your wallet or purse – somewhere where you can have it with you at all times.

Make a note of every single penny that you spend – This is very important, if you forget to write down a coffee here and a soda there, you won’t have a complete picture of how you’re spending your money by the end of the week.

At the end of the week quickly order the items that you spent money on throughout the week into the following categories: Food, transportation, entertainment, clothing, housing and other. Next add up your expenses in each category. Here’s an example of one day:

Monday

Coffee – .75 Food: .60

Bus fare – .00 Transportation: .00

Lunch – .85 Entertainment: .50

Magazine – .50 TOTAL: .10

Next, find out what percentage of your money you spend on each category by dividing the total for each category by the overall total. Following the example above, I spent 66% on food (.60/.10).

Once you have completed your calculations look carefully through your analysis. Does anything surprise you? Are you spending more money than you thought on small items? Small things, like coffee, drinks, cigarettes etc… can really add up in a week! Just think, if you spend on coffee every day, that’s a week or ,092 a year! Identify these areas that surprise you and look for opportunities to cut back on your spending.

Keeping a daily spending diary is an easy way to take control over your spending and to identify some less than desirable spending habits. Also as an added bonus, by keeping a daily spending diary, you’re already halfway there in creating your own personal budget. Next week we’ll explain how to set up your budget. In the meantime, congratulations on taking an important first step! You’re on your way to learning more about Your Money and You.

TIP: Use your daily spending diary as a savings tool. After one week you should be able to easily identify some areas to cut back on your spending. The money you save will bring you one step closer to your goals of opening a business, saving for your children’s education, purchasing a home or taking a dream vacation.

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If you are spendthrift, it’s possible that you have low self-esteem, that your marriage could be in danger and your relationships hampered. Worse, you will lose your ability to live the way you really want to live. Implement these steps to assume control over your finances, and build a secure fiscal future for yourself and your family.

LOOK FOR THE SYMPTOMS

You feel guilty about spending even on legitimate essentials. You lie to your spouse about how much you have spent. Your credit card debts are piling up. You have no idea where your money goes and cannot keep track of how much has been spent on what. If you have any of these symptoms, you need to mend that hole in your wallet, very urgently.

TALK ABOUT IT

Talk to your spouse. If unmarried, speak to a friend or someone you trust. If you’ve been lying to your spouse about your purchases, confessing will make the burden lighter. Apologise and sincerely express your desire to mend your ways. Your confidant/e will help you in your endeavour.

WRITE IT DOWN

The fact that you have been overspending shows that you never make the connection between your income and your outgoings. Make a note of every purchase will hold you accountable for it. Magically, you will spend less money as you see the figures of your expenditure rising.

CUTUP YOUR CREDIT CARD

When you pay with plastic, you don’t see any money leaving your hands and you forget momentarily that you are just deferring payment. The fact is that you have to make that payment tomorrow. You may be having too many credit cards. One is more than enough. Cut up the others. If you can’t trust yourself to use even one credit card wisely, destroy that one too. It will ensure that you buy only when you have cash.

STUDY YOUR SPENDING

When do you tend to spend the most? Is it when you are depressed or when you are hungry or when you want to lift your mood? You could be spending to alleviate your depression or satiate your hunger, without knowing it. Check every receipt, record every purchase and detect what made you buy what you did.

ASK YOURSELF SOME TOUGH QUESTIONS

List your priorities. For example, you may need to join the health club or enlist in a weight reduction programme and may have to forego it because you’ve sent all that money at a mall. Ask yourself how you are going to feel when your credit card bills arrive and whether the items you bought were necessary in the first place. Ask yourself whether you are closer to any of the goals that you set up for yourself. That way you’ll think before you spend.

STOP IMPULSE BUYING

Decide that you will not buy anything on impulse. Don’t go window shopping or walk into a mall to just ‘look’. Doing so will surely lead to some reckless, uncalled-for spending.

WAIT IT OUT

Promise yourself that you will wait for a whole day or two days before you buy something you think you need. Ask yourself time and again whether you truly need it or whether you are indulging yourself. The waiting itself dilutes the urge and helps it pass.

PLAN YOUR SPENDING

You should never carry a burden of guilt for your spending. That can happen only when you plan your spending and buy only what is necessary. Ask yourself, “Do I need this, or do I want this?” Have a personal budgeting system and keep an emergency fund for unforeseen expenses.

CREATE A REALISTIC BUDGET

Put aside some money at the very beginning of the month, when you receive your pay packet, as savings. Then, keep aside money for your fixed outgoings like groceries, electricity, milk, rent, loans, utilities, etc. Then, establish how much you have to spend each week on everything apart from these fixed expenses. Withdraw the money you will need every Monday and make it last all through the week. This will keep you aware of where your money is being spent and you will be more thoughtful and careful about spending it. Fix a spending limit for every week and stick to it.

AVOID SALES

Just because there is a sale in the local mall does not mean that you should attend it. It’s foolish to buy things you don’t need just because you see a good bargain somewhere, because, in the long run, it’s going to be a bad deal for you and only lead to financial disaster.

MAKE A LIST

Even when you go to buy essentials, take a list of things you have to buy. Ensure that you go only to those counters which stock these and don’t meander through aisles looking at stuff that’s not on your list. That helps you from picking up those extra pickle bottles or the new flavour of drink that you know is inessential. Be clear, focused and undistracted from your intended purchases.

If, after making the effort, you find that you are unable to deal with your spending addiction, seek help. A counsellor will get to the root cause of your problem. Once you identify the problem, you will stop spending as a balm to your mental state. Seek the advice of a financial expert to put your books in order. He/She may have helpful insights that you may not have thought of. Once you rein in your spending, you will sail smoothly towards financial security and wise investments for a well provided for future.

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